Shares of digital platform services provider Conduent Inc (NASDAQ:CNDT) are trading higher after the company announced a collaboration with tech giant Microsoft Corp (NASDAQ:MSFT).
Conduent will use Microsoft Azure OpenAI Service to leverage generative AI strength to drive quality, productivity, and faster cycle times for its global clients.
The generative AI implementation is initially planned for healthcare claims management, customer service platforms, and fraud detection, with three pilots underway.
The pilot project includes intelligent data harvesting from healthcare claims documents for faster adjudication by using Azure AI Document Intelligence and Azure OpenAI Service.
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Accelerating the volume and speed of fraud detection processing in payments by using Azure Data Factory and Azure OpenAI Service.
With this integration, Conduent aims to improve client operating and cost performance, enhance customer experience and optimize business processes.
"With a heritage built on helping our clients improve their business performance through technologies such as automation, machine learning, and digitalization, we are excited to collaborate with Microsoft to develop the next generation of business solutions that will be powered by generative AI," said President and CEO Cliff Skelton.
Through this AI initiative, Conduent and Microsoft will be collaborating on multiple use cases across various business processes.
Conduent provides digital business solutions and services spanning the commercial, government and transportation spectrum with a global team of 59,000 associates.
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Price Action: CNDT shares are trading higher by 3.73% at $3.17 at the last check Monday.
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